Digital Technologies Are Fastest Growing Segment Fueling The Growth Of Hydrogen Market

Hydrogen Market

 The global Hydrogen Market is estimated to be valued at US$ 151.5 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Hydrogen is a highly versatile zero-emission energy carrier that can be used as a fuel for transportation, power generation, and various industrial processes. It provides advantages like reduced dependency on fossil fuels and improved air quality. The use of hydrogen as an alternative fuel is gaining traction to meet decarbonization targets.

Market key trends:
One of the key trends in the hydrogen market is the adoption of fuel cell technologies for zero-emission vehicles and stationary power applications. Fuel cells use hydrogen as fuel to generate electricity through an electrochemical reaction with oxygen. Their use is growing in areas such as material handling vehicles, backup power systems, and transportation as they offer higher efficiency than combustion engines and batteries. Many countries are supporting policies and programs to accelerate the commercialization of fuel cell technologies to advance the hydrogen economy.

Segment Analysis
The global hydrogen market is segmented into production and delivery, by application, and by geography. Based on production and delivery, the market is classified into captive and merchant production. Among these, the captive production segment dominates the global market owing to lower cost of hydrogen production and ability to control production based on demand from end users.

Key Takeaways
The global hydrogen market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand for cleaner fuel and feedstock from the chemical and refinery industries.

Regional analysis
Asia Pacific dominates the global hydrogen market and is expected to grow at the highest CAGR during the forecast period. This is attributed to robust economic growth and increasing demand for hydrogen from petroleum refineries, chemicals and metal processing industries in countries such as China, India, Japan and South Korea.

Read More:
https://www.dailyprbulletin.com/hydrogen-market-size-share-growth-outlook-2023/

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